Acer wrote:
Recession may be the only way out.

Look on the bright side, maybe savings accounts will break out of the 0.5% range.

cbelt3 wrote:
It's the damn 80's all over again.... geesh.

Inflation in the eurozone hit a new record of 8.1 per cent in May, up from 7.4 per cent in April, amid soaring energy and food prices fuelled in part by Russia’s war in Ukraine.

The preliminary estimate published on Tuesday by Eurostat, the European Union's statistical office, is the highest since recordkeeping for the eurozone began in 1997.

The steepest annual inflation rate was for energy prices, at 39.2 per cent compared with 37.5 per cent in April. That was followed by food, alcohol and tobacco (7.5 per cent), industrial goods (4.2 per cent) and services (3.5 per cent), all up on April's inflation figures.

Every corner of the continent is facing rising prices, with Europe's expected economic bounceback from the coronavirus pandemic being hampered by a number of factors.

Inflation for the whole of the EU is expected to reach 6.8 per cent this year, as Russia’s war on Ukraine - and the breakdown of economic relations between Moscow and most of the rest of Europe - continues to hit economies.